Oddity Tech Ltd.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The complaint alleges that during the class period, defendants failed to reveal that: (i) Oddity exaggerated its AI technology and its impact on the Company’s sales; (ii) Oddity’s repeat purchase rates and revenues were partly due to unsustainable and deceptive sales and advertising practices; (iii) Oddity downplayed the true extent and seriousness of ongoing legal issues against the Company and its subsidiaries; and (iv) as a result, Oddity’s public statements were misleading throughout the relevant period.
The complaint also states that on May 21, 2024, NINGI Research released a report on Oddity, accusing the Company of misleading investors about crucial aspects of its business. Specifically, the Ningi Report claimed that Ningi interviewed former employees who said the Company’s AI was just a questionnaire; that Oddity’s “repeat purchase rates” were due to customers being unknowingly enrolled in non-cancelable plans, which made it appear as if repeat purchases were occurring even if customers didn’t want the product; and that Ningi found hundreds of undisclosed lawsuits against Oddity and its subsidiaries in the US and Israel, including multiple class action lawsuits for unpaid bills and consumer protection violations. Following this report, Oddity’s Class A share price dropped by $3.02 per share, or 7.37%, closing at $37.97 on May 21, 2024. The share price continued to fall by an additional $1.30 per share, or 3.42%, over the next two trading days, ending at $36.67 per share on May 23, 2024.
